Ohio Harness Horsemen's Association

Penn Close to Buying Beulah Park

March 6, 2010

As it prepares to develop a $400million casino in Columbus, Penn National might also be close to buying Beulah Park, according to the Daily Racing Form, a horse-racing industry publication. Representatives of both Penn National and Beulah Park declined to comment specifically yesterday afternoon, though sources said a deal could be imminent after being rumored since early this year.

Penn National had struck an agreement to buy Grove City's Beulah Park in 2006, but the deal fell apart, resulting in litigation in September as Penn and its partners went into the homestretch to pass Issue 3. The ballot issue gave Penn the right to develop casinos in Columbus and three other Ohio cities, including Toledo. Penn already owns the Raceway Park harness-racing track in Toledo.

Eric Schippers, senior vice president of public affairs for Wyomissing, Pa.-based Penn National, was in Columbus this week but said, "We cannot comment on new business opportunities we may be pursuing."

Charles Ruma, who has owned Beulah Park since 1986, declined to comment because "Penn is a public company" with specific rules governing disclosure.

Ruma did say he and Penn have been working on resolving the suit he filed in federal court in September, alleging breach of contract. In the suit, Ruma charged that, by co-sponsoring Issue 3, Penn violated its agreement to take no intentional action that could prevent or delay implementation of slot machines at racetracks.

"We've been trying to work it out," he said. "There's potentially a deal. Everyone knows when you go to court, neither side wins. The lawyers win."

A Beulah Park employee who asked not to be identified said workers there fear losing their jobs if a Penn deal goes through.

Like many other horse tracks, Beulah Park has struggled in recent years with declining attendance. Several attempts to place slot machines at Ohio tracks have failed.

Penn or any other buyer could close the track and request permission from the state racing commission to use Beulah Park's license elsewhere. One location being discussed is Youngstown, where many community leaders were miffed at being left out of the Issue3 casino locations.

Speculation in the industry has Penn making a deal with the owners of Scioto Downs, on Rt. 23 in southern Franklin County, to consolidate central Ohio horse racing there.

Scioto Downs was acquired in 2003 by Penn competitor MTR Gaming.

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Penn Close to Buying Beulah Park